It is recommended that supporters of trading on a large scale of the schedule refrain from trading until the completion of the entire wave of correction. Intraday traders can make short-term instrument purchases.
Wave pattern on the H4 chart:
The last wave of this TF is included in the downward trend of the pair, observed since the beginning of the year. In recent months, a correction is formed on the graph, after the completion of which, the wave will continue.
Wave pattern on the H1 chart:
The wave of October 5 has a structured shape of a zigzag.
Wave pattern on the M15 chart:
The bullish part of the schedule dated October 26 occupies the place of the final part (C) in the time wave. In the coming days, a flat mood is not excluded with the price rollback to the support zone.
Recommended trading strategy:
It is recommended that supporters of trading on a large scale of the schedule refrain from trading until the completion of the entire wave of correction. Intraday traders can make short term instrument purchases.
Resistance zones:
- 0.7340 / 0.7390
Support areas:
- 0.7200 / 0.7150
Explanations to the figures:
The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For the analysis, three main TFs are used. On every last part, the incomplete wave is analyzed. Zones show calculated areas with the highest probability of reversal.
The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure while the dotted shows the expected movement.
Note: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from the trading systems you use!
